WTI OIL Bullish reversal very likely here.

WTI Oil (USOIL) gave us one of the best bullish break-out signals two weeks ago (see chart below):


Since almost touching the 79.75 Resistance, the price pulled back significantly and hit (even marginally breached but never closed) the bottom of the 2-month Channel Up. With the 4H RSI making a Bullish Cross, which was the absolute Buy Signal on the previous two Higher Lows of the Channel Up (January 03 2024 and December 13 2023), we see the start of the new Bullish Leg very likely here.

A break above the 4H MA50 (blue trend-line) should complete the buy signal. As long as that's the case, we will be bullish targeting a +14.41% rise at $81.50 (such as the one that peaked on the January 28 2024 Higher High). If the recent Low breaks, it would mean that the price will be going for a bearish extension such as December 2023 (yellow pattern). In that case we will take a quick sell and target Support 1 at $69.30.



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